AMD upgraded on lowered near-term liquidity risks

Shares of Advanced Micro Devices
AMD, -3.04%
are being propelled 31 cents, or 4.5 percent higher, to $7.22 in pre-open trading by an upgrade from UBS Warburg to "hold" from "reduce." Analyst Thomas Thornhill believes the semiconductor maker's aggressive cost cutting efforts and a recent successful convertible debt issue should alleviate near-term liquidity risks. Meanwhile, his "hold" rating reflects his view that the upside for the stock is limited, given the soft PC demand environment. "At the same time, we believe that it is unlikely that the share price will revisit [its October 2002 low of $3] based on our opinion of lower liquidity risk near-term, an improved Flash market outlook, and the beginning of a clearer technology process roadmap," Thornhill said in a note to clients.

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